Betfair is one of the biggest brands in the online gambling industry. It is owned and operated by Flutter Entertainment formerly known as Paddy Power Betfair Plc.
Based in Dublin Ireland, Flutter Entertainment was founded in February of 2016. The company’s stocks are traded on the London Stock Exchange, Euronext, and Financial Times Stock Exchange.
Flutter Entertainment was established following the merger of Betfair and Paddy Power. The company also acquired The Stars Group back in May of 2020.
Flutter Entertainment operates a number of prominent brands besides Betfair and Paddy Power, including Adjarabet, FanDuel, PokerStars, Sportsbet.com.au, Full Tilt Poker, Fox Bet, BetEasy, TVG Network, Timeform, and Sky Bet.
Brief History of Betfair
When compared to other brands owned and operated by Flutter Entertainment, Betfair is one of the longest-standing. The company has been involved in the online sports betting industry since June of 2000.
It was founded over two decades ago in London by Edward Wray and Andrew Black. In addition to operating an online sports betting site, Betfair also owns and operates one of the biggest betting exchange sites.
As of 2021, the company’s two main offices are located in Greater London near Richmond Park, Wembley Stadium, and Croydon Airport Visitor Center. The company also has an office in Dublin, Ireland.
The company’s founders Edward Wray and Andrew Black have been involved in the iGaming industry for many years as players before they decided to start a business of their own.
Andrew Black was a regular customer at many betting shops. After dropping out of college, he worked many different jobs. Edward Wray got his college degree in management, economics, and engineering at Oxford University.
After finishing his studies, he got a job at JP Morgan. He was working for JP Morgan when Andrew Black approached him with his idea of starting a sports betting business in the late 90s.
Quickly, the duo decided to start their own business venture, and this business venture would become world-renowned Betfair.
Betfair Sports Betting
Wray and Black wanted to give punters the ability to set betting odds instead of relying on bookmakers. This is when the Betfair betting exchange was born. The main principle of the Betfair betting exchange is quite similar to standard stock exchange platforms.
Punters initiate bets at certain odds and prices. The Betfair site was launched in 2000 and this is the time when the UK’s sports betting market was in its infancy. After finding funds to launch the site, Betfair joined the market that already had a couple of serious competitors.
The company invested a lot of funds in hiring marketing and stock experts. The company also invested a lot of funds in a launch party. Two years later after finding major success, the company purchased its biggest competitor Flutter.
In 2004, the company launched its poker site, Betfair Poker. In 2006, the company secured a couple of high-profile sponsorship deals. Also in 2006, the company launched its mobile betting exchange and casino.
Betfair Online Casino
Betfair free spins bonuses are favored among players across the globe. Speaking of the company’s online casino platform, it is available to players residing in New Jersey, the UK, Argentina, Mexico, New Zealand, Australia, Iceland, Ireland, and many other countries.
The casino’s gaming library features hundreds of excellent titles by Playtech, NetEnt, Ash Gaming, Red Tiger, Play’n GO, and other renowned software developers.
In 2015, Betfair was bought by Paddy Power and both companies were acquired by Flutter Entertainment in 2020. While Betfair is one of the biggest names in the online sports betting industry, its online casino platform is gaining more traction, especially in the US iGaming industry.
Disclaimer: Content is for informational purposes only. Gambling may lead to addiction and financial loss. Play responsibly. Seek help if needed. Not an endorsement of gambling.
For more news click thebritaintimes.co.uk